Round Up
Bank of Scotland Ireland announces deal with TV3
Bank of Scotland Ireland (BoSI) has announced a major sponsorship deal with TV3, worth up to €750,000. The deal was interpreted by some as a sign that the group is committing to the Irish market, just weeks after the it was believed to be on the verge of shrinking its Halifax branches.
Brokers' fees cut
Allied Irish Bank (AIB) plans to cap the commission it pays mortgage brokers at €1,500 as the bank looks to cut costs. The bank currently pays 0.5% commission on its mortgages but will introduce the new cap on September 1st.
Burrows for BAT
British American Tobacco (BAT) has picked former Bank of Ireland chairman Richard Burrows as its new chairman. Burrows will join the board of BAT on September 1 and become chairman on November 1.
Construction activity continues to fall in the EU
Construction activity continues to fall across all 27 EU countries, down 3.3% compared to the previous month's decline of 2.5%.
France and Germany rise out of recession
The economies of France and Germany have unexpectedly returned to growth over the second quarter of 2009, according to Markit's Composite Purchasing Managers Index (PMI) for the euro zone.
Friends First reports €25m loss
Dublin based lender Friends First has reported a €25m loss for the first half of 2009. The company suffered a €35m loss on a bad debt write off during the period, and this was the main cause of the poor performance.
Identity of offshore accounts to be revealed
UBS has agreed to reveal the names of 4,450 wealthy Americans holding offshore accounts at Switzerland's biggest bank. The US government has hailed the deal as a victory in its fight against tax evasion.
Israeli rate rise
The Bank of Israel has raised its interest rates by a quarter of a percentage point, becoming the first central bank to do so since signs of the global recession was easing were noticed in the second quarter.
Kelleher and Shelbourne sued for $5m
Irish developer Garrett Kelleher and his Shelbourne Development group are being jointly sued for nearly $5m by Bank of America for non re-payment of loans.
Kingspan's revenue falls
Cavan based building materials firm Kingspan has reported that its revenues have fallen by 35% for the first half of 2009. Operating profit fell 66% from €90.1 million to €30.3 million.
Liam Carroll applies for second examiner
Beleaguered property tycoon Liam Carroll will apply for a second examiner to be appointed to his Zoe group of companies on September 1st. The first application for an examiner to be appointed was rejected on the grounds that Carroll did not present a business plan or any property valuations in the application.
Microsoft and Nokia strike deal on Office
Microsoft has confirmed that its Microsoft Office software is to become available on Nokia phones, continuing the partnership between the two major brands.
Microsoft to compete with Apple
Computer giant Microsoft is launching a high definition version of its Zune digital music player, in direct competition to Apple's iPod.
Murdoch's London freesheet to close
Rupert Murdoch's The London Paper is set to close its operations with the loss of 60 staff. The afternoon freesheet, distributed in London, has announced that the final publication date of the free daily newspaper is to be Friday 18th September.
NAMA to take over €3bn worth of land and property in the US
The National Assets Management Agency (NAMA) will take over €3bn worth of land and property in the US. This situation arises following significant Irish investment in some of the major cities of the US.
Nokia to enter laptop market
The world's largest mobile phone maker Nokia has announced that it is to enter the highly competitive laptop market.
Obama to nominate Bernanke for US Federal Reserve post
Barack Obama is expected to nominate Ben Bernanke, above right, for a second term as US Federal Reserve chairman. The retention of Bernanke is seen as providing stability in the US banking system during a crucial period.
Optimism reaches new heights in UK
Optimism among professionals in the UK moved to its highest level since the global financial crisis began two years ago, according to research carried out by the Institute of Chartered Accountants in England and Wales (ICAEW).
TV3 wins Guinness Birthday contract
TV3 has won the contract to act as the lead broadcaster for the Guinness 250 birthday celebrations on September 24th.
US drop charges against Shanahan
The US Department of Finance has dropped charges against Irish business man Jerry Shanahan, relating to the corporate scandal at American software giant Enterasys.
Warner Chilicott acquires pharmaceutical division of Proctor and Gamble
Irish-based pharmaceutical firm Warner Chilcott is to acquire the pharmaceutical division of Procter & Gamble (P&G) for a cash payment of €2.2bn.
